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Home Frequently Asked Questions IFT Accounts

Frequently Asked Questions
IFT Accounts

Who is BizFOREX's banking partner for the IFT Platform?

All client funds are deposited in a major financial institution. (Top 50 World Bank)

Do I have to live in the U.S. to open an account?

No. IFT clients do not have to reside in the United States to open an account with BizFOREX. However, BizFOREX currently handles only US Dollar deposits. In the near future, BizFOREX will offer multi-currency accounts.

Can I deposit funds in any other currency other than US dollars?

Yes. However since BizFOREX only accepts US dollar deposits. Incoming wire transfers with funds than US dollars will be automatically exchanged by the receiving bank using the bank's own exchange rates. BizFOREX highly recommends all wire transfers to be specified in US dollars.

Can I withdraw funds in any other currency other than US dollars?

All funds are withdrawn in US dollars. The funds will be made available to you in other currency if you request subject to availability and exchange rate payable by you.

How can I open an account?

In order to open an account, interested parties must complete the customer application, customer agreement, account information and risk disclosure forms. Once this process is complete, customers will be given instructions on how to deposits funds into an account. Accounts can be opened online or by printing the forms and mailing them to BizFOREX. For mailed in applications, all original documents must be included. Visit IFT accounts for further information and application forms.

What is the minimum account balance?

The minimum deposit for opening an account with BizFOREX is US$ 3000.00 only.

How do I get money out of my account?

Upon completing the withdrawal request form, accessible via the IFT Web site and IFT Platform, BizFOREX will process and transfer the funds back to the account holder within 3 business days.

Do I pay interest on my account when there is a margin call?

When a trade is closed, whether via the trader's actions or the platform executing a stop-loss, profit-take or margin call, the associated interest rate differential will be applied against those trades.

Can I settle trades with a counter party?

The IFT environment is for speculation or investment purposes only. All transactions are round trip back to the customer's own account.

Can I set up a multi-currency account?

BizFOREX will offer multi-currency accounts in the very near future.

What does it mean if my account is restricted or locked?

If your account is flagged due to potentially unauthorized activity, your account will be placed on restricted status. Restricted accounts are limited in their ability to deposit and withdraw funds. Once an account is flagged as restricted, BizFOREX will require you to provide further information to confirm your IFT identity.